UK plans to sign new long-term lease for Rupp Arena

UK will sign a new long-term lease with the city of Lexington that allows UK basketballl to continue to play games at Rupp Arena.

UK spokesman Jay Blanton said Wednesday that the university, “as primary tenants” of the building, approve of the new design of Rupp Arena.

Designs for the $310 million renovations to Rupp Arena were released in February, despite there not being finalized funding plans.

UK’s plans for financing the renovations now include the long-term lease, and “new project revenues generated solely from premium seating and other revenue opportunities created by the new Rupp Arena,” Blanton said.

The proposed plans do not include funding from the university, Blanton said.

“No university funds support Rupp today and none will be used to support this new project,” Blanton said.

No terms on the new lease were disclosed, nor was an official date of lease agreement. The current lease runs out in 2017, Blanton said.

“(The renovations) will redefine Rupp Arena for the next 30 years, and it is a key initiative as we focus on improving the fan experience,” Blanton said. “We continue to work on our financing plan to help support this initiative.”